Dollar is selling at N1300/$1, not N1000 or N900 - BDCs refute viral post

Bureau de Change operators have refuted claims that the US dollar is currently being sold for N900 and N1,000 in the federal capital territory.

This comes after reports on social media allege that the dollar was sold at N1000 at the Wuse Zone 4 district headquarters of the forex parallel market in Abuja.

The post making rounds read; “This morning, at Zone 4 Abuja, along the Sheraton Hotel, the dollar is selling at N1,000 – $1. Abdulsalam BDC is selling N900 if buying over $5,000. There’s a mad rush to dispose of dollars at Zone 4. The dollar in the parallel market is presently selling at a lower price than the official market.”

As a result, several Nigerians on social media descended on the forex speculators saying they will face the consequences for hoarding the dollar.

The BDC operators on their part denied the report. According to Punch, who spoke to Abubakar Abdulsalam, BDC dismissed claims of selling FX at N900 or N1,000.

He said; “Dollar is selling at N1300/$1, not N1000 or N900.”

In a recent report, the Central Bank of Nigeria revealed plans to sell $10,000 to each BDC operator at N1,251/$.

CBN announced that they expect them not to sell beyond N1,269/$, representing a margin of N18.